As you are likely aware, the Department of Labor proposed a delay to the Fiduciary Rule on March 1, 2017 in response to President Trump’s Executive Order. On April 4, 2017, the DOL made their final rule public and have delayed the applicability date to June 9, 2017. It will be published in the Federal Register on Friday.
The applicability date of the fiduciary rule was originally scheduled for April 10, but has been pushed back to June 9, 2017. The DOL received around 193,000 comment letters on the proposed delay, 178,000 of which opposed any delay of the fiduciary rule. Those that were in support of the delay supported pushing back the applicability date by 60 days or more, with some asking for an additional year or repeal of the entire rule.
This delay is intended to provide the DOL with time to collect information related to issues raised in President Trump’s Memorandum. While the question remains how long it will take for the DOL to conduct its review, Innovative is committed to keeping our clients up to date on any changes in regulation or additional delays and will update you accordingly.
